Aceable Agent Texas Real Estate Principles I Flashcards

Aceable Agent Texas Real Estate Principles I Flashcards Agency Relationship FormsTREC has chosen not to create contracts that establish agency relationships Separate PropertyProperty owned by either spouse prior to the marriage or by gift or inheritance during the marriage HomesteadA property that a person or family owns and occupies as their primary residence Home Mortgage DisclosureFederal act that requires lenders to disclose specific lending information, which HUD then uses to map lending patterns An Attorneymay also create a buyer representation form on behalf of the property owner Seller's Disclosure NoticeA document filled out by the seller concerning any defects in the improvements on the property four corners doctrinea legal concept that states that the court can only consider what appears within the four corners of the documents SubagentA license holder from one office who represents the seller through cooperation with the listing broker of another company Buyer's Marketrelatively low demand for real estate in the area (it will take

• months or more to sell a house)

Third Partythe individual with whom the agent and principal enter into real estate negotiations. The third party is also sometimes referred to as the customer Comparative Market Analysis (CMA)A report comparing the prices of sold homes that are similar to the subject property (called comparables), created by a license holder to help the seller or buyer determine the market value Broker's Price Opinion (BPO)A broker's price opinion is the process used by a hired sales agent to determine the potential selling price or estimated value of a real estate property TREC's purposeoversee the licensing, education requirements, and ethical standards of practice for real estate sales professionals and real estate inspectors within the State of Texas State Constitutional Homestead Rightsprotects homeowners from claims by creditors being made against their homes, preventing any eviction by these creditors

Texas Occupation CodeThe Texas Real Estate License Act is Chapter 1101 of the:

Bilateral ContractAn agreement in which both parties give consideration and promise to perform the actions specified in a contract Seller's Marketa market condition in which the number of properties for sale does not meet the demand (number of people looking

to buy)

TREC's authorityadopt and enforce rules for governing real estate practitioners.RedliningThe illegal act of a lender denying mortgages in certain areas of town Urban EnvironmentIn this type of environment, only 10 acres is protected Material FactAny fact that is significant or essential to the transaction Rural EnvironmentIn this type of environment, 200 acres are protected for a family and 100 acres are protected for a single person Four Corners DoctrineA legal concept stating that the court can only consider information that appears within the four corners of the documents Commisionersresponsible for informing employees of their conduct expectations and responsibilities AddendaDocuments containing additional terms, information, or obligations that are attached to a contract Intermediary Relationshipsoccur when the same real estate office is representing both the seller and the buyer as clients in the same transaction lease with option to buya contract in which the buyer can lease a property for a period of time (usually a year) and then have an option to buy the property at the end of the lease period Federal Tax LiensThe Homestead Act does not protect homeowners from this type of lien Texas Real Estate License Act (TRELA)A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state TARother than your brokerage, you can get legal buyer representation forms from Principlethe individual who authorizes another person to act on their behalf Agency Relationship DisclosureAgency relationships should be disclosed at first contact Texas Real Estate Commission (TREC)A group of nine people appointed by the governor and confirmed by the state senate that are to set policy and rules from the real estate license act AgentA person who acts on behalf of someone else Unilateral ContractAn agreement in which one party promises to perform and the other party accepts this promise, requiring only one party to act ApprovedPromulgated ClosingThe completion of a real estate transaction in which the buyer receives ownership and the seller receives the contract amount AmendmentChanges or makes modifications to an already agreed upon contract right of first refusalan agreement with an owner in which they would have the opportunity to buy the property before any other buyers'

offers are considered